Marvin Mandel, Governor                         453

CHAPTER 180
(House Bill 454)

AN ACT to authorize and empower the County Commissioners of

Calvert County, from time to time, to borrow in their discretion

upon the faith and credit of said County, an amount not exceeding
Five Hundred thousand Dollars ($500,000) in order to finance
the acquisition, construction, improvement, operation, and manage-
ment of an industrial park in said County, and to effect such
borrowing by the issuance and sale to the highest bidder or bidders
at public sale of its general obligation, serial maturity coupon
bonds in like par amount; empowering said County Commissioners
to fix and determine by resolution, the form, tenor, interest rates
or method of arriving at the same terms, including redemption
and registration provisions, conditions, maturities and all other
details incident or necessary to the issuance, public sale and de-
livery of said bonds; prescribing the method and manner of selling

said bonds at public sale; empowering said County to refund any

of said bonds purchased or redeemed in advance of maturity; em-
powering and directing said County to apply to the payment of
principal and interest of said bonds and said refunding bonds any

funds received from the State of Maryland and the United States

of America, which may be properly allocable to said purpose;
empowering and directing said County to contract to levy and

to levy, impose and collect annually ad valorem taxes which, in

addition to the State and Federal allotments, if any, will provide
funds sufficient for the payment of said maturing principal and
interest; exempting said bonds and said refunding bonds and the
interest thereon from all State, county and municipal taxation in
the State of Maryland; and providing that the power to incur
indebtedness and issue bonds therefor under the provisions of this
Act is additional and alternative authority for borrowing money
and shall be regarded as supplemental and additional to powers
conferred upon the County by the laws, adding a conditional
provision.

AN ACT TO REPEAL AND RE-ENACT, WITH AMENDMENTS,
SECTION 3 OF CHAPTER 477 OF THE ACTS OF 1969,
AMENDING THE LAW CONCERNING THE ISSUE OF IN-
DUSTRIAL PARK BONDS BY CALVERT COUNTY IN ORDER
TO REMOVE THE MAXIMUM INTEREST RATE SPECIFIED
THEREIN FOR THESE BONDS.

Whereas, it is desirable and in the public interest that industrial
and commercial facilities be provided to encourage the location by
industrial and commercial firms in Calvert County, Maryland, and
thus provide the economic advantages of a broader property tax base
and full and gainful employment for many citizens of Calvert County;

and

Whereas, it is desirable and in the public interest of Calvert
County to acquire and improve suitable lands within the boundary
of said County for the construction of an industrial park; now,
therefore,

Section 1. Be it enacted by the General Assembly of Maryland,
That, as used herein, the term "County" shall mean the body politic